At the Bitcoin Asia conference in Hong Kong, Eric Trump, son of former U.S. President Donald Trump, confidently predicted that Bitcoin would reach $1 million. Speaking during a panel discussion with David Bailey, Trump cited strong institutional demand and the cryptocurrency's limited supply as key factors supporting his optimism.
Trump's comments come at a time when Bitcoin has experienced significant growth, with an 18% increase since the beginning of the year. In mid-August, Bitcoin reached a record high of $124,480, buoyed by friendlier regulations from the Trump administration and consistent demand from institutional investors. Despite a recent dip to around $110,000, Trump remains confident in Bitcoin's future.
During his appearance, Eric Trump praised China's significant influence in the cryptocurrency sector, even referring to the country as "a hell of a power" in driving crypto innovation. He noted that both the United States and China likely possess a deeper understanding of digital currencies than most other countries. While China still faces restrictions on operating digital assets, they are reportedly exploring yuan-backed stablecoins. Hong Kong, on the other hand, has taken steps to establish itself as a digital asset hub, passing a stablecoin bill in May.
Trump also highlighted the dramatic shift in U.S. crypto policy under his father's administration, claiming more progress has been made on Bitcoin and crypto in the seven months since President Trump's return to office than in the previous decade. According to Trump, the Trump family "loves" and "believes in" the Bitcoin community, which supported his father before his second presidency. He emphasized the Trump family's strong backing of crypto's future, stating, "We love this community. We believe in this community".
Furthermore, Eric Trump and his brother, Donald Trump Jr., co-founded American Bitcoin, a mining operation that is approximately 20% owned by the Trump brothers and the remainder by Hut 8. The company recently raised $220 million and is planning a September Nasdaq debut through its merger with Gryphon.
Trump also addressed concerns about whether it's too late to invest in cryptocurrency, stating that he laughs when people ask him that question. He believes that it is still early in the race and that there is a massive benefit to getting involved now. He also noted that nation states and Fortune 500 companies are buying Bitcoin, along with some of the biggest families and companies on Earth. "Everybody wants Bitcoin. Everybody is buying Bitcoin," Trump said.
Eric Trump's prediction reflects a growing climate of optimism fueled by increasing institutional demand and a favorable regulatory environment in the United States. However, the path to new records will not be without obstacles, including competition among major powers, market volatility, and the evolution of regulations.
